Ed Miliband clashes with Sky News host on energy tax
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Ed Miliband's energy plan was torn to shreds in a car crash Sky News interview this morning. Mr Miliband insisted that taxing energy companies at 78%, rather than the usual corporate tax rate of 25%, does not drive up prices for consumers.
The top cabinet minister insisted: “The price of oil and gas is set on the international market… it’s set by the global price.” Presenter Wilfred Frost hit back: “I understand that, but you’re saying that tax rates don’t impact pricing?” Mr Miliband replied: “I’m saying that in relation to oil and gas they don’t… why did prices go through the roof when Russia invaded Ukraine? Our prices went through the roof even though we imported a very small amount from Russia, because whether the gas is coming from the North Sea or internationally, it was priced on the international market.”
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The Sky host openly laughed at Mr Miliband's argument (Image: Sky News)
“We’re in the grip of fossil fuel markets controlled by others… that wasn’t about the UK tax rate”.
However Mr Frost persisted: “That’s a legitimate point - the floating price of commodities is legitimate, but another point for why this country has unbelievably, high energy prices is that we tax our energy.”
“Put commodities aside, if you increase taxes on supermarkets to 78%, what would happen to the prices of food?”
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Mr Miliband replied “it depends on whether it’s a domestic market,” however this prompted the presenter to laugh out loud and exclaim: “It doesn’t depend on that! This is a unquestionable factor about economics.”
“You can’t flatly deny my point!”
Mr Miliband continued: “I am denying your point when it comes to the question of these internationally set prices.”
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Energy companies are taxed a whopping 78 percent (Image: Getty)
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He insisted that lowering the tax rate on oil and gas companies wouldn’t make any difference at all to the cost of energy in Britain - sparking Mr Frost to interject: “Yes it would!”
Laughing at Mr Miliband again, Mr Frost continued: “There are lots of things that factor into the price that we pay, lots of supply chain costs, this is a huge cost in the supply chain of getting energy to people.”
The top Labour politician merely replied: “We’ll have to agree to disagree about this. I’m convinced of my argument.”
However he couldn’t explain why if his argument is correct the government doesn’t tax every business at 78% and raise more money without impacting prices.
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Mr Frost concluded the astonishing on air row by agreeing the duo would “have to agree to disagree” on the point.
Mr Miliband was appearing on Sky to coincide with his hosting of a European energy summit, with European Commission president Ursula von der Leyen in London for the conference.
The gathering will feature ministers and officials from around 60 countries, focusing on the future of energy security.